Kingswood Holdings Limited (AIM:KWG) agreed to acquire Admiral Wealth Management Limited for £4 million on June 16, 2021. Admiral Wealth Management will be acquired for a cash consideration of £4 million, payable over a 2-year period. £2 million will be paid at closing and the balance paid on a deferred basis some of which is subject to the achievement of pre-agreed performance targets. The acquisition will be funded from funds recently received by Kingswood from the issue of new convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ INVESTMENT LIMITED. As part of the acquisition, Peter and Carol Waller have decided to retire. Mike Biggin, along with senior consultant Adam Harrison will lead the business forward as part of the Kingswood group. The transaction is subject to regulatory approval. James Britton and Rishi Shah of Peel Hunt LLP acted as financial advisors to Kingswood Holdings.